Laura Eddy Opened Eddy\'s Carpet cleaners on March 1, the following transactions
ID: 2387534 • Letter: L
Question
Laura Eddy Opened Eddy's Carpet cleaners on March 1, the following transactions were completed.
Mar 1 Invested$ 10,353 cash in the business
1 Purchased used truck for $5960, paying $2980 in cash and the balance on account.
3 Purchased cleaning supplies for $1,187 on account.
5 Paid $1,704 cash on one-year insurance policy effective March 1.
14 Billed customers $4,883 for cleaning services.
18 Paid $1,454 cash on amount owed on truck and $461 on amount owed on cleaning supplies.
20 Paid $1,928 cash for employee salaries.
21 Collected $1,377 cash from customers billed on March 14.
28 Billed customers $2,394 for cleaning services.
31 Paid gas and oil on truck for month, $218.
31 Withdrew $753 cash for personal use.
Journalize the March entries.
Prepare a trial balance at March 31 on a worksheet, enter the following adjusting entries and complete the worksheet.
1. Earned but unbilled revenue at MArch 31 was $825.
2.Depreciation on equipment for the month was $247.
3. One - twelfth of the insurance expired.
4. An inventory count shows $385 nof cleaning supplies on hand at March 31.
5. Accrued but unpaid employee salaries were $486.
Explanation / Answer
Awe - Assets, withdrawals, and expenses = debit CLR - Capital, liabilities, revenue = credit Also make sure your debits and credits match for each statement _______________________
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